Streamlining Business with Electronic Signatures
- Submitted by: ergoff
- Views: 425
- Category: Other
- Date Submitted: 09/10/2012 07:12 AM
- Pages: 11
- Report this Essay
Streamlining Business with Electronic Signatures
Using electronic signatures for loans rather than paper will increase member service and save the company time and money. Many consumers are looking for everything to be a quick and easy process. With electronic signatures, not only can the company consider and market consider themselves green but it will save them money and time as well by streamlining the processes they already have in place. It will allow members to have the customer service they are looking for in a financial institution and give them the convenience that people need.
In the quad cities, Iowa and Illinois, I work for a financial institution that prides itself on member service. We are a company of roughly 90,000 members and about $746 million in assets. We have the ability to serve members in our surrounding area but only in a 50 mile radius. Our credit union is focused on member service and being the best. We are a full service credit union, offering everything from savings and checking to home mortgage and student loans.
Most people in their life will have some type of loan. I currently work as a loan officer at the credit union and deal with many types of loans and members on a daily basis. The loan process is time consuming for employees and members. An estimated time spent on each loan would be roughly 6 hours from start to finish. It roughly takes a total of four days, when you include the time the documents are traveling from department to department. The process starts with a loan officer collecting all of the information from the member. After it is approved, first I upload any documents that were required by the member. Then I print two set of documents. The first goes to the member and the second is signed and sent by a currier to the corporate office. The currier picks up the forwarding mail 3 times per week. Once there it is given to the loan department that checks the loans and enters that information into a spreadsheet. They...
Using electronic signatures for loans rather than paper will increase member service and save the company time and money. Many consumers are looking for everything to be a quick and easy process. With electronic signatures, not only can the company consider and market consider themselves green but it will save them money and time as well by streamlining the processes they already have in place. It will allow members to have the customer service they are looking for in a financial institution and give them the convenience that people need.
In the quad cities, Iowa and Illinois, I work for a financial institution that prides itself on member service. We are a company of roughly 90,000 members and about $746 million in assets. We have the ability to serve members in our surrounding area but only in a 50 mile radius. Our credit union is focused on member service and being the best. We are a full service credit union, offering everything from savings and checking to home mortgage and student loans.
Most people in their life will have some type of loan. I currently work as a loan officer at the credit union and deal with many types of loans and members on a daily basis. The loan process is time consuming for employees and members. An estimated time spent on each loan would be roughly 6 hours from start to finish. It roughly takes a total of four days, when you include the time the documents are traveling from department to department. The process starts with a loan officer collecting all of the information from the member. After it is approved, first I upload any documents that were required by the member. Then I print two set of documents. The first goes to the member and the second is signed and sent by a currier to the corporate office. The currier picks up the forwarding mail 3 times per week. Once there it is given to the loan department that checks the loans and enters that information into a spreadsheet. They...